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Journalism of Courage
An investor consortium led by private equity firm Warburg Pincus on Monday agreed to provide $600 million in equity capital to Delonex Energy,the firm floated by former Cairn India chief executive Rahul Dhir.
Dhir,who after quitting Cairn India in August last year had put together a new Africa-focused oil and gas exploration firm,said Delonex Energy is looking at taking over oil properties in central and east Africa.
The region has similar geology as the region we operated in India, he said.
We will concentrate on central and east Africa where there had been several world-class oil and gas discoveries in recent years but we find the area has remained massively unexplored.
Delonex would seek new licences as well as look for opportunities to partner companies that had already taken early-stage exploration positions. We are looking at farm-in opportunities as well as operating positions, he said.
…an affiliate of Warburg Pincus,a global private equity firm focused on growth investing,has agreed to lead an investment of up to $600 million in the company, Delonex Energy said in a statement. Dhir said Delonex is examining rift systems in east Africa running from the Red Sea through Ethiopia,Kenya,Uganda,Tanzania to Mozambique along with the coastal margins of east Africa and
the central African rift
system running via Chad and South Sudan.
Delonex Energy plans on accessing opportunities in these areas through farm-in and direct awards from host governments, Dhir said.
Dhir,was also recently an executive-in-residence at Warburg Pincus,where he worked in close collaboration with the firm over the past several months to formulate the business plan for Delonex Energy.
